SGX:S68

Stock Analysis Report

Executive Summary

Singapore Exchange Limited, together with its subsidiaries, operates an integrated exchange for equity, fixed income, currency, and commodity markets in Singapore.

Snowflake

Fundamentals

Flawless balance sheet with solid track record and pays a dividend.


Similar Companies

Share Price & News

How has Singapore Exchange's share price performed over time and what events caused price changes?


Latest Share Price and Events


Market Performance


7 Day Return

-2.8%

S68

-2.4%

SG Capital Markets

-1.4%

SG Market


1 Year Return

11.6%

S68

8.6%

SG Capital Markets

-2.8%

SG Market

S68 outperformed the Capital Markets industry which returned 9.3% over the past year.

S68 outperformed the Market in Singapore which returned -2.4% over the past year.


Share holder returns

S68IndustryMarket
7 Day-2.8%-2.4%-1.4%
30 Day0.4%0.4%0.5%
90 Day5.6%4.3%-4.7%
1 Year17.4%11.6%14.1%8.6%1.2%-2.8%
3 Year25.8%11.0%22.5%8.4%15.9%3.5%
5 Year40.1%14.0%29.2%5.4%9.0%-9.0%

Price Volatility Vs. Market

How volatile is Singapore Exchange's share price compared to the market and industry in the last 5 years?


Simply Wall St News

1 month ago | Simply Wall St

Singapore Exchange Limited (SGX:S68): Commentary On Fundamentals

Valuation

Is Singapore Exchange undervalued based on future cash flows and its price relative to the stock market?

22.68x

Price to Earnings (PE) ratio


Intrinsic Value Based on Future Cash Flows

Singapore Exchange's share price is above the future cash flow value, it's not available at a moderate discount (< 20%).

Singapore Exchange's share price is above the future cash flow value, it's not available at a substantial discount (< 40%).


Price Based on Earnings

Singapore Exchange is overvalued based on earnings compared to the SG Capital Markets industry average.

Singapore Exchange is overvalued based on earnings compared to the Singapore market.


Price Based on Expected Growth

Singapore Exchange is poor value based on expected growth next year.


Price Based on Value of Assets

Singapore Exchange is overvalued based on assets compared to the SG Capital Markets industry average.


Next Steps

Future Growth

How is Singapore Exchange expected to perform in the next 1 to 3 years based on estimates from 14 analysts?

4.0%

Forecasted annual earnings growth


Earnings and Revenue Growth Estimates


Future Annual Growth Analysis

Singapore Exchange's revenue is expected to grow by 3.7% yearly, however this is not considered high growth (20% yearly).

Singapore Exchange's earnings are expected to grow by 4% yearly, however this is not considered high growth (20% yearly).

Singapore Exchange's revenue growth is positive but not above the Singapore market average.

Singapore Exchange's earnings growth is positive but not above the Singapore market average.

Singapore Exchange's earnings growth is expected to exceed the low risk savings rate of 2.3%.


Earnings per Share Growth Estimates


Future Return on Equity

Singapore Exchange is expected to efficiently use shareholders’ funds in the future (Return on Equity greater than 20%).


Next Steps

Past Performance

How has Singapore Exchange performed over the past 5 years?

2.8%

Historical annual earnings growth


Earnings and Revenue History


Past Earnings Growth Analysis

Singapore Exchange's year on year earnings growth rate has been positive over the past 5 years.

Singapore Exchange's 1-year earnings growth exceeds its 5-year average (7.7% vs 2.8%)

Singapore Exchange's earnings growth has exceeded the SG Capital Markets industry average in the past year (7.7% vs -16.5%).


Return on Equity

Singapore Exchange has efficiently used shareholders’ funds last year (Return on Equity greater than 20%).


Return on Assets

Singapore Exchange used its assets more efficiently than the SG Capital Markets industry average last year based on Return on Assets.


Return on Capital Employed

Singapore Exchange's use of capital has not improved over the past 3 years (Return on Capital Employed).


Next Steps

Financial Health

How is Singapore Exchange's financial position?


Financial Position Analysis

Singapore Exchange is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.

Singapore Exchange's cash and other short term assets cover its long term commitments.


Debt to Equity History and Analysis

Singapore Exchange has no debt.

Singapore Exchange has not taken on any debt in the past 5 years.

Singapore Exchange has no debt, it does not need to be covered by operating cash flow.

Singapore Exchange has no debt, therefore coverage of interest payments is not a concern.


Balance Sheet

Low level of unsold assets.

Singapore Exchange has no debt, it does not need to be covered by short term assets.


Next Steps

Dividend

What is Singapore Exchange's current dividend yield, its reliability and sustainability?

3.96%

Expected Dividend Yield


Upcoming Dividend Payment

Purchase Singapore Exchange before the 'Buy Limit' to receive their next dividend payment.


Dividend Yield and Payments Analysis

Singapore Exchange's pays a higher dividend yield than the bottom 25% of dividend payers in Singapore (2.52%).

Singapore Exchange's dividend is below the markets top 25% of dividend payers in Singapore (5.66%).

Dividends per share have been stable in the past 10 years.

Dividends per share have increased over the past 10 years.


Current Payout to Shareholders

Dividends paid are covered by earnings (1.2x coverage).


Future Payout to Shareholders

Dividends after 3 years are expected to be covered by earnings (1.2x coverage).


Next Steps

Management

What is the CEO of Singapore Exchange's salary, the management and board of directors tenure and is there insider trading?

4.5yrs

Average management tenure


CEO

Boon Chye Loh (55yo)

4.2yrs

Tenure

S$4,291,175

Compensation

Mr. Loh Boon Chye has been the Chief Executive Officer of Singapore Exchange Limited since July 14, 2015. Mr. Loh served as the Deputy President of The Asia-Pacific Region and Head of Global Markets for As ...


CEO Compensation Analysis

Boon Chye's remuneration is about average for companies of similar size in Singapore.

Boon Chye's compensation has been consistent with company performance over the past year, both up more than 20%.


Management Age and Tenure

4.5yrs

Average Tenure

58yo

Average Age

The tenure for the Singapore Exchange management team is about average.


Board Age and Tenure

5.0yrs

Average Tenure

61.5yo

Average Age

The tenure for the Singapore Exchange board of directors is about average.


Insider Trading

No 3 month open market individual insider trading information.


Recent Insider Transactions

SellS$400,00008 Mar 19
Kevin Khien Kwok
EntityIndividual
Role
Member of the Board of Directors
Non-Executive & Independent Director
Shares50,000
Max PriceS$8.00

Ownership Breakdown


Management Team

  • Boon Chye Loh (55yo)

    CEO and Executive & Non-Independent Director

    • Tenure: 4.2yrs
    • Compensation: S$4.29m
  • Sutat Chew (47yo)

    Head of Global Sales & Origination and Executive VP

    • Tenure: 0.3yrs
    • Compensation: S$1.41m
  • Ramu Muthukrishnan (61yo)

    President

    • Tenure: 9.2yrs
    • Compensation: S$1.83m
  • May Nah Chin

    Vice President of Marketing & Communications

    • Tenure: 0yrs
  • Glenn Seah

    Head of Legal & Compliance and Joint Company Secretary

    • Tenure: 3.7yrs
  • Boon Gin Tan

    Chief Executive Officer of Singapore Exchange Regulation

    • Tenure: 4.3yrs
    • Compensation: S$1.29m
  • Michael Syn

    Head of Equities & Executive VP

    • Tenure: 8.5yrs
    • Compensation: S$1.46m
  • Lay Chng (61yo)

    Chief Financial Officer

    • Tenure: 7.8yrs
    • Compensation: S$1.22m
  • Tinku Gupta

    Head of Technology & Executive VP

    • Tenure: 4.7yrs
  • Dominic Lim

    Head of Investor Relations

    • Tenure: 0yrs

Board Members

  • Thaddeus Thomas Beczak (68yo)

    Non-Executive & Independent Director

    • Tenure: 8.9yrs
    • Compensation: S$115.00k
  • Boon Chye Loh (55yo)

    CEO and Executive & Non-Independent Director

    • Tenure: 4.2yrs
    • Compensation: S$4.29m
  • Gek Khim Chew (57yo)

    Non-Executive & Independent Director

    • Tenure: 5.8yrs
    • Compensation: S$125.00k
  • Chin-Hu Lim (60yo)

    Non Executive & Non Independent Director

    • Tenure: 2yrs
    • Compensation: S$134.50k
  • Sok Hui Chng (58yo)

    Non-Executive & Non-Independent Director

    • Tenure: 3.8yrs
    • Compensation: S$130.00k
  • Mun Leong Liew (73yo)

    Non-Executive & Non-Independent Director

    • Tenure: 10.2yrs
    • Compensation: S$165.00k
  • Kevin Khien Kwok (63yo)

    Non-Executive & Independent Director

    • Tenure: 7yrs
    • Compensation: S$195.00k
  • Chong Seng Kwa (72yo)

    Non-Executive Independent Chairman

    • Tenure: 3yrs
    • Compensation: S$1.01m
  • Jane Diplock (70yo)

    Non-Executive & Independent Director

    • Tenure: 8.2yrs
    • Compensation: S$155.00k
  • Wai King Ng (52yo)

    Non-Executive & Independent Director

    • Tenure: 1yrs
    • Compensation: S$77.99k

Company Information

Singapore Exchange Limited's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Singapore Exchange Limited
  • Ticker: S68
  • Exchange: SGX
  • Founded: 1999
  • Industry: Financial Exchanges and Data
  • Sector: Diversified Financials
  • Market Cap: S$8.996b
  • Shares outstanding: 1.07b
  • Website: https://www2.sgx.com

Number of Employees


Location

  • Singapore Exchange Limited
  • No. 02-02, SGX Centre 1
  • 2 Shenton Way
  • Singapore
  • 68804
  • Singapore

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
SPXC.FOTCPK (Pink Sheets LLC)YesOrdinary SharesUSUSDNov 2000
S68SGX (Singapore Exchange)YesOrdinary SharesSGSGDNov 2000
SOUDB (Deutsche Boerse AG)YesOrdinary SharesDEEURNov 2000
SPXC.YOTCPK (Pink Sheets LLC)UNSPONSORD ADRUSUSDNov 2008

Biography

Singapore Exchange Limited, together with its subsidiaries, operates an integrated exchange for equity, fixed income, currency, and commodity markets in Singapore. The company’s Equities and Fixed Income s ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/09/23 12:38
End of Day Share Price2019/09/23 00:00
Earnings2019/06/30
Annual Earnings2019/06/30


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.